The Whistler real estate market in 2024 has demonstrated stability and resilience, maintaining a steady performance amidst varying market conditions. As of September 30th, 2024, the year-to-date (YTD) sales volume stands at $596 million with 301 units sold, reflecting a balanced market. This is a positive indicator, especially when compared to the highs and lows observed in previous years.

General Market Performance: Trends and Comparisons

The 2024 market has experienced fluctuations in sales activity, with peaks observed particularly in early spring and late summer, suggesting these periods continue to be active times for buyers. Overall, the 2024 sales dollar volume has generally followed a similar pattern to previous years, indicating that the demand for Whistler properties remains strong and consistent.

Compared to 2023, there has been an observable increase in sales activity during Q3 of 2024, hinting at renewed interest and optimism in the Whistler market as we approach the winter 2024/2025 season. While 2024’s overall performance hasn’t quite matched the record-setting year of 2021, it is comfortably outperforming 2019 in terms of total dollar volume, with a notable rise in several property segments.

Comparing 2024 to Past Years

• 2021: This was a landmark year for Whistler real estate, with YTD sales reaching $1.1 billion and 606 units sold—the highest recorded figures in Whistler’s history. The current 2024 numbers are approximately 50% lower in both volume and units sold, reflecting a return to more normalized market conditions after the post-pandemic surge.
• 2019: Serving as a pre-pandemic benchmark, 2019 saw a YTD sales volume of $475 million with 347 units soldby the end of September. While 2024 has surpassed 2019 in dollar volume, it trails slightly in the number of transactions, which suggests a more selective buyer market.
• 2016 – 2018: These years consistently outpaced 2019 in both sales volume and units sold, driven by robust buyer demand and market growth. The market has evolved significantly since then, with current figures indicating a mature and more balanced market.
• 2015 and Before: These earlier years saw much lower volumes and transaction numbers, indicative of a developing market that has since grown into a premier destination for both primary residences and vacation properties.

Segment-Specific Market Observations

• Chalet Sales: Chalet sales, both in terms of dollar volume and number of units sold, reached some of their highest figures in Q3 2024 compared to the past two years. This suggests a growing interest in single-family homes, possibly due to shifting lifestyle preferences toward larger properties or as a strategic investment choice.
• Condominium Sales: The condo market has shown steadier performance, with modest increases during the summer months. Condos in Whistler continue to be a popular option for those seeking vacation properties or rental investments. The 2024 condo sales figures are on par with 2022 but noticeably higher than in 2023, indicating improved buyer confidence.
• Townhouse Sales: Townhouse sales have exhibited a varied trend, with a significant rise in mid-year sales volume. Townhouses continue to appeal to a mix of full-time residents and part-time owners, making them a versatile choice in Whistler’s real estate landscape.
• Phase I and Phase II Condos: Phase I condos, with no restrictions on owner usage, remain a top choice for buyers looking for flexible property use options, whether for personal enjoyment or short-term rentals. Phase II condos, which are restricted to rental programs, have also shown consistent sales, driven by investors seeking stable rental income.

Key Market Takeaways for 2024

The increase in chalet and Phase I condo sales suggests that buyers are prioritizing properties with fewer restrictions and greater flexibility, possibly due to a shift towards second homes or strategic investment opportunities. The strong performance in these segments indicates a healthy demand for premium properties in Whistler.

Despite the drop from the peak of 2021, the 2024 YTD figures show the Whistler real estate market holding strong and surpassing pre-pandemic levels. As the winter 2024/2025 season approaches, supported by La Niña’s favorable weather forecast, the market could see further activity and growth, especially in the lead-up to peak ski season.

Final Thoughts

The Whistler real estate market continues to display stability and strength, with several key segments experiencing growth and strong demand. While the market hasn’t reached the highs of 2021, it has comfortably outperformed pre-pandemic levels, showcasing its resilience and attractiveness to both local and international buyers. As we move into the winter season, Whistler’s properties remain a solid investment choice, whether for full-time living, vacation use, or rental income potential.

With favourable market conditions and the excitement of a potentially snowy winter ahead, this could be the perfect time for both buyers and sellers to engage in Whistler’s real estate market and capitalize on the opportunities it presents.

Do you need help navigating the Whistler real estate market? Let’s meet for coffee and discuss your plans for Whistler. I am reachable anytime on my mobile (604) 905-9105 or via Zoom. It is a great way to get started.